01 Jun 2021
MELBOURNE, 1 JUNE 2021
Frasers Property Industrial in Australia has completed a fifth transaction with IVE Group, leasing the balance of its Braeside Industrial Estate in Melbourne’s South-East to the ASX-listed marketing and communications business.
The latest deal, with an end-value in excess of A$61 million, will see Frasers Property Industrial develop and lease a 30,823 square metre warehouse, print production and office facility to IVE Group. CIP Constructions has been appointed as the builder for the facility.
IVE Group was the first tenant secured at Braeside Industrial Estate and Frasers Property Industrial now has four other buildings in the estate leased to the Group. This transaction will bring IVE Group’s total leasing to 52,001 square metres across the estate and to 58,790 square metres in total leasing transactions with Frasers Property Industrial since 2014, having previously occupied another of its industrial facilities in Keysborough.
Anthony Maugeri, General Manager Southern Region for Frasers Property Industrial comments, “The combination of a tight land market in Braeside and across metropolitan Melbourne, lack of new industrial supply and excellent transportation links with the Mordialloc Bypass has driven strong interest and demand for Braeside Industrial Estate, even spurring repeat customers such as IVE Group.
“This fifth transaction with IVE Group demonstrates why we value long-term customer relationships and work with them closely to meet their specific needs. As our customers quickly respond to advances in technology, the rise of e-commerce, and the need for greater onshore production and resilient supply chains, we are creating more efficient, advanced and sustainable places for their industrial and logistics operations to grow,” said Mr Maugeri.
The latest IVE Group facility comprises two adjoining buildings including a 18,068 square metre print production facility and office, and a 12,755 square metre warehouse and office. It will also have parking space for 275 cars. The buildings will include a springing height of 10 metres, 12 on-grade roller shutter doors, two 34-metre-wide awnings, four recessed loading docks and will target a 5 Star Green Star Design & As Built v1 rating from the Green Building Council of Australia.
IVE Group has committed to lease terms of 10 years and seven years respectively over the two buildings. The buildings are due for completion in December 2021.
Matt Aitken, IVE Group CEO comments, “IVE is very pleased to have completed this final stage of its site consolidation program in Melbourne’s South-East. The consolidation of five of our businesses into one precinct will deliver the company significant efficiencies moving forward.
“We are very appreciative of Frasers Property Industrial’s collaborative and supportive approach, which has, in part, led to this positive outcome for IVE Group,” said Mr Aitken.
The 5.2 hectare facility will be the final development at Braeside Industrial Estate. On completion of the IVE Group facility at the end of the year, Frasers Property Industrial will have developed a total of 93,505 square metres of warehousing and office space within the precinct.
Frasers Property acquired the 23-hectare site in 2017 following the overall success of its nearby 116-hectare The Key Industrial Park in Keysborough. The prime positioned Industrial 1 zoned land is located on the corner of Governor Road and the under-construction Mordialloc Bypass in Braeside. IVE Group’s new facility backs directly on to the proposed Mordialloc Bypass, which is a new 9km link between the termination of the Mornington Peninsula Freeway at Spring Vale Road, Aspendale Gardens and the Dingley Bypass, set to be completed in 2021.
The deal was brokered by Gordon Fallance from GJS Property.